The dollar jumped shortly after the opening of this Monday (9), reaching the mark of R$ 5.15 amid the international soaring of the US currency, which was driven by the prospect of a tightening of the Fed’s monetary policy ( Federal Reserve, US central bank) and fears of a global economic slowdown.
At 9:05 am (GMT), the spot dollar advanced 1.40%, at R$ 5.1442 on sale. The coin reached R$ 5.1587 on sale in the first minutes of trading.
On B3, at 9:05 am (GMT), the dollar futures contract with the first maturity rose 1.21%, to R$ 5.1785.
The US spot currency closed the last session, on Friday (6), up 1.13%, at BRL 5.0733, the highest value for a close since March 16 (BRL 5.0917) .
The past week was marked by monetary policy decisions in Brazil and the United States, with bad mood prevailing among investors in view of the risks of a more aggressive interest rate hike that could negatively impact the pace of economic activity on a global scale.
In the local market, risk aversion contributed to the 2.65% appreciation of the dollar in the accumulated result for the week, with the currency closing on Friday at R$5.074 for sale.
The Stock Exchange had a devaluation of 2.54% in the last week, with the strong rise in Petrobras shares in the previous trading session preventing an even greater drop. The state-owned shares advanced more than 3%, after the company reported a net profit of R$ 44.5 billion in the first quarter of the year.
Last Wednesday (4), the Fed raised the basic interest rate in the United States by 0.50 percentage point, to a range between 0.75% and 1% per year, and, despite the Central Bank president American, Jerome Powell, has declared not to consider an increase in the rhythm of highs to 0.75 point, the market seems not to have bought the manager’s version.
Added to the mood of global investors, data released on Friday (6) indicated a strong job market in the United States.
The numbers reinforced investors’ perception of the need for a more aggressive monetary tightening to be conducted by the Fed, with negative impacts of higher interest rates on the pace of economic activity.
As a result of greater concern about interest rates in the United States, the S&P 500 accumulated a 0.20% depreciation in the last week, and the Dow Jones, 0.23%. The Nasdaq marked losses of 1.54% in the period.
interest in Brazil
Here, also on Wednesday, and in line with expectations, the Central Bank’s Copom (Monetary Policy Committee) raised the basic interest rate (Selic) again by 1 percentage point, to 12.75% per year . It is the highest rate since February 2017.
The movement further increased the attractiveness of fixed-income securities, especially floating-rate securities, which offer higher yields with each rise in the Selic rate.
In the statement released with the decision, the monetary authority signaled the continuity of the cycle of high interest rates, but at a lower intensity. “For the next meeting, the Committee foresees as probable an extension of the cycle with an adjustment of lesser magnitude”, said the Copom.
with Reuters
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